Cryptocurrency Market Cap Reclaims $2 Trillion amid Bullish Markets

The crypto spectrum saw remarkable leg-ups within the previous 24 hours. Bitcoin rallied to hit $45,000 before correcting. The upward moves by digital coins had the overall crypto market cap reclaiming the sought-after $2 trillion mark.

Bitcoin’s remarkable performance over the past sessions had it trying to reclaim $45,000. Though it failed in that, the global market sentiment shifted substantially. Meanwhile, the last day’s sessions had the total market capitalization adding nearly $50 billion, reclaiming $2 trillion.

BTC Hits $45K But Couldn’t Sustain

The past few hours witnessed Bitcoin surging past $45K, hitting highs of $45.5K on Bitstamp. That way, the world’s largest crypto by value hit its 30-day peak while exploring price zones never touched since 5 January.

Nevertheless, Bitcoin failed to sustain the higher levels as it retraced beneath $44,000. However, Bitcoin still trades 2.7% up within the past 24 hours. However, volatility had a toll, leaving positions worth $305 liquidated. OKEx houses the highest single liquidation, a BTC/USDT worth $3.6 million.

As somewhat expected, most of the liquidations came from short positions, and the majority took place on Bybit, OKEx, and Binance.

Market Capitalization Reclaims $2T

The previous 24 hours saw crypto bulls achieving another vital milestone, as the total market cap reclaimed the sought-after $2 trillion. That comes amid the latest substantial gains from Bitcoin and some alternative coins.

Avalanche was among the notable performers in the top ten, gaining around 6.5% within the past 24hrs. Meanwhile, Shiba Inu continues its massive rallies, gaining 17% within the timeframe. MATIC surged about 8%. Meanwhile, other top alts failed to trail the gainers.

Polkadot and Solana lost around 3%. Meanwhile, Ethereum and BNB remain somewhat flat over the day. KDA was the winner, climbing by 20% in a day, while QNT lost 8% of its value. The actions within the altcoin market saw BTC’s dominance increasing by nearly 0.5% over the last 24 hours.

For now, BTC should keep the $45K level away to trigger stable upsurges towards the coveted $50,000 psychological level. That would ensure bullishness in the overall marketplace.

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